my cousin sold his bitcoin to a guy in Thailand and that person made direct payment to my cousins bank account in Singapore from his Thailand bank but now the bank in Singapore is asking my cousin to produce his income source and has freeze that transaction money in his account. my concern is does the bank have that authority to stop my cousin from taking money out from his account and give such reason or excuses ?
is there any legal solution ? is it possible to sue the bank ?
I heard friend of my friend get that experience too. And it is because on his tx says withdraw from bitcoin. I glad never got that experience because maybe some banks not allow their user use bitcoin or maybe something kind of that.
If that's a huge amount of money, banks can do that for security procedures, they need to comply with the laws regarding to money laundering, you need to provide proofs that you are capable to have that huge amount, from what I understand Singapore already have a good knowledge about crypto you just needed to provide information about the deals that your cousins have.